| would.'' In today`s changing economy, one professor of economics stresses the importance of consumer education. Mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place today, that range compare mortgage loan rate spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During that period of transition, a compare mortgage loan rate could still take a deduction but the size of the mortgage compare mortgage loan rate for a tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. Connie Mack (search), a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. "It is a fair plan. It shares compare mortgage loan rate benefits," he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Taxpayers who bought $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, senior director of single family research and economics at the Mortgage Bankers Association. compare mortgage loan rate activity was strong in the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the third quarter of 2005, the median ratio of old-to-new interest rate was 1.09. In other words, one-half of those borrowers who paid off their original loan and took out a new one had compare mortgage loan rate interest rate on their old loan that was at least nine percent higher than the new interest rate. Years of historically low interest rates have enabled Californians to save millions compare mortgage loan rate dollars by refinancing their mortgages. But what few homeowners realize is that refinancing exposes them to greater losses if lenders foreclose on their |  |
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